Agri Business

Coonoor tea turnover rises 28%

P.S. Sundar Coonoor | Updated on December 09, 2012

Despite subdued support from exporters, this week’s turnover of Coonoor Tea Trade Association auctions which ended on Friday has increased by 28 per cent over last week, thanks to good domestic demand.

Overall, a higher volume was sold even as the prices rose to a record high.

Export to Russia was selective. “Russia has received a fresh spell of snowfall halting transportation in many cities. Snow-covered vehicles not fitted with snow-piercing wheels obstruct traffic movement. Waterways continue to remain frozen. Our importers contend that tea movement is hit. While the demand for hot tea has increased during this harsh winter, uncertainty in transportation forces us to be cautious at this week’s auction”, an exporter told Business Line.

However, upcountry buyers stepped up their purchase of quality teas as they could procure orthodox teas here for Rs 97 a kg against Rs 189 in the North and CTC teas for Rs 93 against Rs 146 up North.

Consequently, average price this week rose to Rs 94.16 a kg from Rs 93.61 last week. This was the highest price fetched so far this calendar.

The demand pushed up the volume sold to 12.77 lakh kg from 10.03 lakh kg last week. This was the highest volume sold in 18 weeks.

Consequently, the overall turnover increased to Rs 12.02 crore from 9.39 crore last week.

This marked a gain of Rs 2.63 crore or as much as 28 per cent in just one week, reveals an analysis of the market reports.

Published on December 09, 2012

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